Foreign trade news
and changes in legislation

ICC’s universally used rules on documentary credits, UCP 600, come into effect on 1 July 2007.

A leaner set of rules than UCP 500, the new edition contains major changes that letter of credit practitioners will need to know. Among them are new sections on definitions and interpretations, replacement of the term “reasonable time” with a maximum of five banking days for examining documents and re-drafted transport articles aimed at resolving confusion over the identification of carriers, masters and agents.

Worldwide interest in the new UCP has been evidenced in dozens of well-attended seminars on the rules that have been held on several continents. The response of practitioners has been positive, with many commenting on the enhanced clarity and precision of the text.

Also available along with UCP 600 is an updated version of International Standard Banking Practice for the Examination of Documents under Documentary Credits, commonly called ISBP. The ISBP is a checklist of items document checkers need to look for when examining documents presented under letters of credit. Since it was first published in 2003, the ISBP has been an indispensable companion to the UCP. The updated version, ICC Publication 681, aligns the ISBP with the changes in UCP 600.

Both UCP 600 (available in several formats) and the updated ISBP are on sale at the ICC online bookstore.

ICC NewsAlert, 1 July 2007